ASU-2016-14: Not-For-Profit Financial Statement Update Overview

This course takes a high level look at the biggest change to not-for-profit (NFP) generally accepted accounting principles (GAAP) since the release of Financial Accounting Standards (FAS) No. 116 and 117 – Accounting Standards Update (ASU) No. 2016-14, and discusses the release date and expected implementation dates for most NFPs. It also discusses the history of non-profit financial statement regulation and the reasoning behind the decisions made by the Financial Accounting Standards Board (FASB) Not-For-Profit Advisory Committee in creating ASU No. 2016-14.

Learners also get a peek at some of the financial statement presentations and footnote disclosures they should be prepared to review on their next not-for-profit financial statement audit. There is also a brief discussion of real-world financial failures by nonprofits.